A bad week for Christo Wiese
And a good week for Altron CEO Mteto Nyati
Technology group Altron — once a JSE top-40 stalwart — has had something of a resurrection under CEO Mteto Nyati, who says his turnaround plan for the company is complete. Altron’s share price is up 7.3% in a week. The company’s full-year earnings rose about a quarter. Under Nyati, key government and private sector contract wins have led net ebitda to grow by 15% in its SA business. That, and its careful management of its debt, make the positive market reaction not all that surprising.
Steinhoff finally made its audited financial results public last week. Among its many revelations are instances where transactions between the company and entities owned by its former chair Christo Wiese weren’t properly disclosed.
Wiese had an interest in 10 different companies that had dealings with Steinhoff. In total — and including his director’s fees and an aircraft which he leased to Steinhoff — Wiese and his entities bagged €1.76bn from the retailer in 2017.